解读 | 最新金融货币政策对银行影响及相关复盘——继续推荐 银行股稳健与持续性 | 银行 | 证券研究报告/行业深度报告 2025 年 05 月 11 日 | | --- | --- | | 评级： 增持（维持） | 报告摘要  核心要点：1、近期一揽子货币政策对银行影响：对息差影响偏中性，负债端可对冲， | | | 测算对 和 息差影响分别为+0.68bp 和-1.85bp。2、1Q25 货币政策报告对银 25E 26E | | 分析师：戴志锋 | 行的影响：平衡好"支持实体"与"保持银行自身健康性"的关系，全文增加更多对呵护 | | 执业证书编号：S0740517030004 | 银行息差的相关表述。3、盘点 2021 年以来 10 次降息、9 次降准对银行股价影响复 | | | 盘：降息后较长时间以及降准当日有较大概率实现相对收益。4、投资建议：关税挑 | | Email：daizf@zts.com.cn | 战后，我们继续看好银行业绩的稳健性，及其带来的投资收益的持续性。 | | 分析师：邓美君 | 月  最新一揽子金融货币政策对银行影响：对息差影响偏中性，负债端可对冲。1、5 7 | | 执业证 ...

季节影响放量节奏，关注品牌导入进展 请务必阅读正文之后的重要声明部分 总股本(百万股) 120.31 流通股本(百万股) 44.02 市价(元) 101.40 市值(百万元) 12,198.95 事件：公司发布 2024 年年报及 2025 年第一季度报告，2024 年实现收入 18.19 亿元， 同比增长 25.72%，归母净利润 3.00 亿元，同比增长 19.23%，扣非归母净利润 2.44 亿元，同比增长 40.44%；25Q1 实现收入 3.67 亿元，同比增长 1.2%，实现归母净利 润 0.45 亿元，同比下降 18.21%，实现扣非归母净利润 0.37 亿元，同比下降 19.93%。 流通市值(百万元) 4,463.77 股价与行业-市场走势对比 Q4 业绩大幅增长，持续拓宽产品矩阵。公司 24Q4 营收 5.71 亿元，yoy+43.72%， qoq+24.95%，归母净利润 0.93 亿元，yoy+71.53%，qoq+29.57%，扣非归母净利润 0.70 亿元，yoy+94.38%，qoq+6.84%；毛利率 22.91%，yoy+1.47pct，qoq-1.6 pct。 全年毛利率 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown a positive operational trend, with expectations for high reliability and volume growth in the future [1][3] - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year increase of 1.53%, while the net profit decreased by 20.42% to 573 million yuan [3] - The first quarter of 2025 saw a revenue of 888 million yuan, a slight year-on-year decrease of 0.54%, with a net profit of 136 million yuan, down 15.55% year-on-year [3] - The company is focusing on high-reliability products, with significant growth in the smart meter chip segment, which saw a 44.90% year-on-year increase in revenue [3] Financial Performance Summary - Revenue projections for the company are as follows: 4.15 billion yuan in 2025, 5.01 billion yuan in 2026, and 6.02 billion yuan in 2027, with growth rates of 16%, 21%, and 20% respectively [2][3] - Net profit forecasts are adjusted to 806 million yuan for 2025, 1.11 billion yuan for 2026, and 1.34 billion yuan for 2027, reflecting growth rates of 41%, 37%, and 21% respectively [3] - The company's gross margin for 2024 is projected at 55.95%, with an increase in R&D expenses to 10.31 billion yuan, representing 28.7% of revenue [3] Business Segment Performance - The revenue breakdown for 2024 includes: - Security and identification chips: 791 million yuan (down 8.31% year-on-year) - Non-volatile memory: 1.14 billion yuan (up 5.94% year-on-year) - Smart meter chips: 397 million yuan (up 44.90% year-on-year) - FPGA and other chips: 1.13 billion yuan (down 0.51% year-on-year) [3] - The company is the first domestic supplier to obtain WPC certification for security chips, indicating a strong position in the market [3] Investment Recommendations - The investment recommendation suggests maintaining a "Buy" rating based on anticipated growth in downstream demand and adjusted profit forecasts for 2025, 2026, and 2027 [3][7]

医疗服务 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 分析师：崔少煜 执业证书编号：S0740522060001 Email：cuisy@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 864.95 | | 流通股本(百万股) | 693.26 | | 市价(元) | 44.79 | | 市值(百万元) | 38,741.05 | | 流通市值(百万元) | 31,051.18 | 泰格医药（300347.SZ） 证券研究报告/公司点评报告 2025 年 05 月 11 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | 7384.04 | 6603.12 | 7110.99 | 7878.95 | 8907.31 | | 执业证书编号 ...

一季报落地后市场或如何演绎？ 证券研究报告/策略定期报告 2025 年 05 月 10 日 分析师：徐驰 执业证书编号：S0740519080003 报告摘要 一、一季报落地后市场或如何演绎？ 政策面上，本周三国新办会议延续"预期管理"思路，更加重视资本市场。在此次会 议中，央行推出包括数量型政策、价格型政策和结构型政策共三大类十项货币政策措 施，三类政策呈现由大到小，从总量到结构的特征。 金融监管总局提出八项举措全力巩固经济回升向好的基本面。八项政策围绕地产、二 级市场和实体经济融资各方面提出了政策支持，覆盖较为全面，或反映出监管部门工 作更加重视经济发展，监管力度或呈现阶段性宽松。 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 相关报告 1、《5 月市场或存在哪些"预期差"？》 2025-05-04 2、《政治局会议如何指引后续配置 方向？》2025-04-27 3、《政治局会议后市场或如何演 绎？》2025-04-27 证监会提出三大举措持续稳定和活跃资本市场。证监会提出将全力巩固市场回稳向 ...

通用设备 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524040002 Email：yangshuai01@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 73.40 | | 流通股本(百万股) | 37.93 | | 市价(元) | 41.91 | | 市值(百万元) | 3,076.19 | | 流通市值(百万元) | 1,589.67 | 克莱特（831689.BJ） 证券研究报告/公司点评报告 2025 年 05 月 10 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：冯胜 | | 营业收入（百万元） | | 508 | 529 | 591 | 679 | 813 | | | | 增长率 yoy% | | 2 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The modern coal chemical industry is experiencing a development opportunity period, driven by industrial upgrades and energy security [10] - Xinjiang is emerging as a strong coal chemical base due to its abundant resources, favorable policies, and significant investment in coal chemical projects [10][28] - The report identifies three major investment directions within the coal chemical industry: equipment providers, project owners, and service providers [9][10] Summary by Sections 1. Modern Coal Chemical Industry Development - Modern coal chemical processes produce alternative petrochemical products and clean fuels, including coal-to-olefins and coal-to-oil [17] - The industry is essential for ensuring national energy security, given China's reliance on coal as a primary energy source [22][26] 2. Xinjiang's Coal Chemical Industry - Xinjiang has rich coal reserves, with a total resource of 2.19 trillion tons, accounting for about 40% of the national total [28] - The region's coal quality is high, primarily consisting of low-sulfur and high-calorific value coal types, making it suitable for large-scale coal chemical projects [33] - Favorable national policies have positioned Xinjiang as a key coal chemical base, with over 800 billion yuan in planned investments for various coal chemical projects [45] 3. Economic Competitiveness - Xinjiang's coal-to-gas production costs are significantly lower than those in Inner Mongolia and Shaanxi, with costs estimated at 1.28 yuan per cubic meter compared to 2.06 yuan and 2.68 yuan, respectively [53] - The report highlights the cost advantages of Xinjiang's coal resources, with pithead prices for coal being substantially lower than in other regions [34][53] 4. Investment Opportunities - Recommended companies for investment include those involved in engineering design, total contracting, and equipment supply, such as Sandi Chemical, China National Chemical, and Donghua Technology [9] - Project owners benefiting from Xinjiang's cost advantages include Baofeng Energy and Guanghui Energy [9] - Service providers in the coal chemical sector, such as Guangdong Hongda and Xuefeng Technology, are also highlighted as potential investment opportunities [9]

汽车零部件 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524060004 Email：caixh@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 110.00 | | 流通股本(百万股) | 67.21 | | 市价(元) | 134.80 | | 市值(百万元) | 14,828.00 | | 流通市值(百万元) | 9,060.11 | 1、《Q2 业绩稳健增长，稳步推进机 器人核心零部件业务》2024-09-02 业绩基本符合预期，谐波新秀潜力可期 ——斯菱股份 2024 年年报及 2025 年一季报点评 斯菱股份（301550.SZ） 证券研究报告/公司点评报告 2025 年 05 月 09 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | | 2025E | 2026E | ...

| 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：陈宁玉 | | 营业收入（百万元） | | 45,065 | 48,055 | 55,767 | 62,979 | 70,353 | | | | 增长率 yoy% | | 12% | 7% | 16% | 13% | 12% | | 执业证书编号：S0740517020004 | | 归母净利润（百万元） | | 3,117 | 2,838 | 3,563 | 4,602 | 5,487 | | Email：chenny@zts.com.cn | | 增长率 yoy% | | -3% | -9% | 26% | 29% | 19% | | | | 每股收益（元） | | 0.91 | 0.83 | 1.04 | 1.35 | 1.61 | | 分析师：杨雷 | | 每股现金流量 | | 1.33 | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15] Core Insights - The company's performance in Q2 shows steady growth, with a revenue of 774 million yuan in 2024, reflecting a year-on-year growth rate of 4.9% [5][3] - The net profit attributable to the parent company for 2024 is projected to be 190 million yuan, with a year-on-year growth of 26.9% [5][3] - The company is focusing on expanding its core components business for robotics, having completed the first production line for harmonic reducers [11][10] Financial Performance Summary - In 2024, the company reported a revenue of 774 million yuan, with a projected increase to 867 million yuan in 2025 and 977 million yuan in 2026 [3][5] - The net profit for 2024 is expected to be 190 million yuan, increasing to 218 million yuan in 2025 and 248 million yuan in 2026 [3][5] - The gross margin for 2024 is 32.5%, with a net margin of 24.5%, showing improvements in profitability [8][3] Growth Potential - The company has a strong presence in the automotive wheel hub bearing aftermarket, with a market share of less than 2% in a market worth approximately 53.88 billion yuan [7][3] - The company is actively expanding its global footprint, with 68.4% of its revenue coming from overseas markets in 2024 [9][10] - The establishment of a robotics components division is expected to create new growth opportunities, with significant investments planned for the harmonic reducer production line [11][10]